technology
Technology as the New Normal
S
KATIE ELLIOTT
Katie Elliott is the Client Success
Manager for OneHQ, a combined
CRM and AMS platform for life,
annuity, and senior brokerages.
Katie and her team are passion-
ate about being a true partner to
their clients, guiding them in utiliz-
ing HQ’s capabilities to meet each
group’s unique business needs.
For more information on how the
OneHQ team can help you accel-
erate your business, please visit
www.onehq.com.
urely not one person reading
this needs to be reminded
of the incredible advances
technology has made in the last
couple decades. These advances
have shifted the way we work, shop,
communicate, and interact with
each other; in fact, all too often
we hear about technology not only
influencing but replacing person-
al interactions. Instead of talking
to a cashier at a grocery store, we
rush through the self-checkout lane.
Instead of getting to know a sales
associate at a department store, we
read reviews and get recommenda-
tions online. While these advances
have made business more efficient
and convenient in many ways, con-
sumers are also growing increasingly
wary of businesses that no longer
have a face and a name. This year,
only 48% of American consumers
reported that they trust business-
es, down from 58% last year i . In an
industry as important and personal
to consumers as insurance, gaining
consumer trust is an absolute ne-
cessity; so it’s best to avoid deper-
sonalization by resisting technology
altogether, right?
Definitely not. The approximate-
ly $4.8 trillion global IT industry ii
no longer consists of a few geeks in
garages; technology has been ac-
cepted and integrated into almost
every area of business, including
the comparatively traditional finan-
cial services industry. The number
of new InsurTech companies formed
annually has been in decline since
2016, alongside a rise in FinTech ac-
quisitions and IPOs iii , signaling that
the industry is nearing maturity. It
is no longer an advantage for your
business to understand and utilize
operations and management technol-
ogy; it is a necessity in today’s com-
petitive environment. As CRM, AMS,
and marketing automation technol-
ogies mature, industry innovators
are looking toward multi-carrier data
aggregation as the new frontier in in-
surance technology. With this rate of
advancement toward another break-
through in the industry, it is imper-
ative for brokerages agencies to stay
up to date on technology standards.
The reason behind this rapid
growth is that, overall, technolo-
gy really is good for business. This
may sound counterintuitive in the
context of brokerages, where sales,
marketing, and service process-
es depend so highly on trust and
personal relationships. The truth is
that current CRM and AMS technol-
ogies can provide countless tools
to streamline communications and
organize data like never before, if
used correctly. When can this cause
problems? When agencies lose sight
of their core mission and try to re-
place their expertise with technolo-
gy. When can widely available tech-
nology help a brokerage to regain a
competitive advantage? When used
to enhance the traditional sales
and marketing efforts that set them
apart in the first place.
A recent Deloitte report states
that FinTech companies are “chang-
ing expectations for what a quality
customer experience can be” iv . The
challenge that brokerage agencies
face today is not whether to adopt
technology, but rather how and why
to use available technology. As De-
loitte puts it, brokerages need to
“change the mindset, from defense
to engagement” v . A common mis-
conception regarding technology is
that it exists solely to replace the
current way of doing business. How-
ever, technology can and will accel-
erate your business only when inte-
grated into your existing strategy to
support proven processes.
Keeping in mind the efficiencies
and insights that technology can
provide to brokerages when used
correctly, there’s no denying the
necessity for technology in the in-
surance industry. Deloitte notes
that one of three speedbumps fac-
Cutting edge technology is quickly becoming a necessity
rather than a privilege in the insurance industry.
When can it be come a competitive edge? When used
to increase efficiency and enhance your tried and true
sales and marketing efforts.
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